Buying an owner financed foreclosure

[Jason Gibson]

So, a friend of the family has a property that she started a ' rent to own' agreement on a few years back.  Apparently she hasn't received a payment on the property in several months now, and due to her current financial situation, doesn't have the resources to complete the eviction process.

I am looking to get an additional property, and was curious if anyone has ever purchased a property that was in this position. If so, what issues should I look out for?

I currently have one rental making positive cash flow, but I don't have the reserves in place yet to make an additional purchase.  I'm thinking if I can make a deal on the property, the owner may carry the note.  I'll take possession, initiate the eviction process, and re-rent the property.

I haven't run the numbers on the property yet, but assuming the numbers work, is this transaction possible?

Thanks for any input.